The Richest People In America: Patrick Soon-Shiong

Courtesy of Abraxis BioScience

#60 Patrick Soon-Shiong

$5.8 billion
Source: generic drugs

Dad was a village doctor in China; family immigrated to South Africa during WWII. Finished high school at age 16; was a doctor by 23. Got only half-salary because of apartheid race rules. Joined UCLA faculty 1980; developed technique for inserting islet cells into pancreas to treat diabetes. Founded VivoRx; quit after fight with brother, investors. Took American Pharmaceutical Partners public 2001. Invented cancer drug Abraxane; nanotech drug is more potent, has fewer side effects. Split company in two last year: APP Pharmaceuticals creates hospital products; Abraxis BioScience develops drugs (shares up 130% since split). Sold APP Pharmaceuticals to German dialysis-clinic operator Fresenius for $5.6 billion including debt in July; will net $3 billion when deal closes at the end of the year. Plans to use proceeds to create "the Bell Labs of health care." Will hire mathematicians, physicists, computer scientists, doctors to build database of biological markers to better identify ailments, treatments.

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